Cryptocurrency exchange Binance is considering launching a new cryptocurrency exchange in Indonesia, a source familiar with the matter says.
The venture is in collaboration with Indonesia’s richest family, the Hartonos who run PT Bank Central Asia (BCA), one of the major banks in the country, according to a Bloomberg post on December 10.
PT Telkom Indonesia is also part of the ongoing discussion, an Indonesian multinational telecommunications conglomerate. The partnership, when concluded, will help widen Binance’s reach in the country with a large number of unbanked people.
The news comes at a time when PT Telkom Indonesia is scouting for major players to partner with in the blockchain/crypto industry. A senior vice president of the company, Ahmad Reza, said the firm’s connectivity business would complement crypto businesses such as an exchange to reach the country’s over 270 million people.
Indonesia’s huge crypto market
Binance remains the world’s largest crypto exchange by trading volume. Although the exchange already has Indonesian users, it has not fully explored the country’s market potential. The large population and the government’s openness towards crypto could help significantly in making Binance a huge crypto presence.
Already, Southeast Asian financial institutions are exploring ways to enter the cryptocurrency space to harness their digital capabilities fully. The largest lending firm in the region, DBS Holdings LTD is one of such financial services providers. Its digital arm, DBS Digital Exchange, offers its clients security token offerings and cryptocurrency trading.
Binance has a major presence in other countries as well. Binance Australia recently became the first crypto exchange for embarking on ESG reportage. Conversely, the French government has given the exchange a red light, asking it to focus on AML compliance before expanding to the country.
Before now, Binance had bought a stake in Indonesia’s largest cryptocurrency trading exchange, Tokocrypto. With the friendly environment in Indonesia, Binance Holdings LTD. could become a key player in the Indonesian cryptocurrency market and further secure its place in the global crypto space.